Self-Cert Mortgage with Bad Credit

For a standard residential mortgage, you would normally prove your credit-worthiness to the mortgage provider by showing them your recent pay slips and other paperwork relating to your regular income. If you are self-employed, a freelance worker or contractor, or for any other reason you have irregular income that is earned through commissions or bonuses, you may be fully able to afford a mortgage, but you may still find it difficult to get approved for one because the documentation proving your income does not fit the standard PAYE model. Furthermore, if you have a bad credit history and you are self-employed, you could find yourself in even more of a frustrating position. Luckily, there are specialised mortgage products available to meet the needs of self-employed mortgage seekers and prospective self-employed borrowers with bad credit histories.

A self certification mortgage, also known as a 'self cert mortgage', allows you to declare your own income rather than having to provide documented proof to a self certification mortgage lender. Self certification lenders do not ask for pay stubs or bank account information to prove income. Unfortunately, since the self certification mortgage system was abused in the years leading up to the credit crunch (with some unscrupulous brokers advising people to choose a self-cert mortgage product in order to borrow more than they would otherwise be eligible for), the lending criteria for these types of mortgage have become much stricter. Therefore, assistance from a professional mortgage adviser if you have bad credit is more important than ever before.

If you are self certified and also have bad credit, the best option for you is to go to a mortgage adviser or broker who has access to a very large pool of available mortgage quotes. Also, although it is possible to approach a lender directly for a self cert mortgage quote, many specialised mortgage products may only be available through a broker, so it may be worth it for you to get a free quote from an online mortgage broker.

When you want to buy a new property, a house, a vehicle, or if you're planning a long holiday, you may be considering a mortgage or a remortgage. If you self certify your income, you need to be sure that you can afford your mortgage payments because if you run into a period of financial hardship, your lender may not consider you for a remortgage. Your lender will consider a number of things such as your income and employment status, the value of your property, your monthly expenditures, and your credit history. Different lenders use different criteria, so it all depends on who your lender is. Regardless of your financial past, your lender will do their best to find a mortgage or a remortgage to meet your needs.

If you'd like help finding a self cert mortgage deal, take a second to fill out our short form and we will connect you with a qualified adviser from the SimplyFinance network.